SOURCE: Camargo Correa Desenvolvimento Imobiliario

Camargo Correa Desenvolvimento Imobiliario

November 10, 2010 10:17 ET

CCDI's Net Income Reaches R$116.4 Million on 9M10

SAO PAULO, BRAZIL--(Marketwire - November 10, 2010) - A Camargo Corrêa Desenvolvimento Imobiliário (BOVESPA: CCIM3) announced yesterday its results for the 3Q10.

In 3Q10 Net Revenue totaled R$ 272.4 million (+ 24.3% vs 2T10), with Gross Income of R$ 71.6 million (+33.5% VS 2T10) and Gross Margin of 26.3%. Net Income in 3Q10 reached R$26.1 million (Net Margin of 9.6%). The Company's EBITDA in 3Q10 was R$ 46.2 million (EBITDA Margin of 16.9%).

CCDI launched 8 developments totaling R$505.0 million. 9M10's launchings totaled R$971.0 million, 71.9% of the launching's guidance released in the beginning of the year. If considering launchings carried out in October, CCDI launched in 2010 R$ 1.178.2 million (87.3% of the launching projection). CCDI ended 3Q10 with R$ 343.5 million in Contracted Sales. In the quarter, the VSO was 25.5%.

In 3Q10 CCDI and HM delivered the developments Cyprae, Ventura Corporate Towers and Residencial Casas do Parque. With this, CCDI and HM Engenharia have delivered in 2010 R$511.2 million (% CCDI), divided in 10 projects, totaling 1,786 units. 

In 3Q10, CCDI acquired 4 pieces of land with a Total PSV of R$ 708,3 million. Out of the acquired amount, R$ 636.2 million refers to two pieces of land that will be used for HM Engenharia, our Low Income subsidiary. The other two plots were both by CCDI, of which one that was bought and launched in the same quarter. The other piece of land is located in the state of Paraná, with a Potential Sales Value of R$72.1 million. The current Land Bank of the company is R$9.1 billion in PSV. Out of this amount; R$1.9 billion is referring to HM Engenharia's exclusive Land Bank

CCDI

Camargo Corrêa Desenvolvimento Imobiliário (CCDI), the real estate development company of the Camargo Corrêa group, operates in the low income to the most sophisticated segments of the market, developing residential and commercial real estate projects in several regions of Brazil. Since 2008, it has been the parent company of HM Engenharia, a company with over 100 thousand incorporated units and built in 34 years of experience, exclusively focused on the low-income segment, targeted at the "Minha Casa, Minha Vida" Housing Program.

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